DHAKA: Bangladesh Security Exchange Commission (BSEC) appealed with the Chamber Judge Court seeking stay on a High Court order that declared illegal the circular of BSEC over minimum two percent shareholding of directors.

The hearing on the appeal is likely to be held on Thursday afternoon.

Earlier on Wednesday, the High Court has declared illegal the circular of Bangladesh Security Exchange Commission (BSEC) over minimum two percent shareholding of directors.

Earlier, the stock regulator made it compulsory for the sponsors, directors and promoters to acquire at least a two percent stake individually. 

The directive on minimum shareholding was meant to stop sales of shares by sponsors and directors and to create a buying pressure in the stock market for the benefit of general investors.

BDST: 1335 HRS, MAY 15, 2014